203k Full Process
The 203k Process is approached from the FULL PROCESS or STREAMLINE PROCESS perspective.
- Feasibility Study is an overview of repairs as it relates to FHA/local building department and homeowner requests.
- Ensure project falls within budget.
- This study is provided by a licensed and approved 203 consultant.
- Specifications of Repairs (SOR) are a detailed scope of repairs as it relates to FHA/local building department/homeowner requests.
- SOR should include all required and desired work.
- SOR to be used as a cost guideline during contractor review.
- SOR is provided by 203k consultant.
- Prior to Close
- Contact contractor 1-2 weeks prior to close.
- Establish construction schedule.
- Property Close
- Contact contractor 1-2 weeks prior to close
- Establish construction schedule
- Construction Process
- Finalize finishes/product selection
- Draw inspections (by 203k consultant)
- Provide all warranties
- Final draw inspection (by 203k consultant)
- Retention payment 4-6 weeks after close